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Google rose to the top spot in the most valued global brands in 2016 according to the newest Brand Finance Global 500 report. It’s value rose by 24% during 2016, pushing aside last year’s top brand Apple.
“Apple has struggled to maintain its technological advantage, with new iterations of the iPhone delivering diminishing returns, while the Chinese market is now crowded with local competitors,” explained David Haigh, CEO of Brand Finance.
“Apple has been living on borrowed time for several years by exploiting its accumulated brand equity. This underlines one of the many benefits of a strong brand, but Apple has finally taken it too far.”
According to the report excerpts from industry week disclosed that measuring the brand in a different light –world’s most powerful brands — Lego took the top spot this year and Google took second place.
“A powerful brand can protect a company’s value during turbulent market conditions, create new market opportunities and increase profit margins,” said Haigh. “All companies should therefore not just know the value of their brands, but also understand what drives that value and how it can be harnessed to benefit the business as a whole.”